UPDATE 2-Swift Transportation sets terms for $942 mln IPO

* Sets IPO terms, expects to raise $942.6 mln

* To trade on NYSE under symbol “SWFT”

* Morgan Stanley, BofA, Wells Fargo lead underwriters
(Adds details on Swift’s business, financials and CEO)

NEW YORK, Nov 30 (BestGrowthStock) – Swift Transportation Co, the
largest truckload carrier in North America, set the terms on
Tuesday for a $942.6 million initial public offering.

The Phoenix, Arizona-based company, formerly known as Swift
Holdings Corp, filed with U.S. regulators to sell 67.3 million
shares for $13 to $15 each.

The company first filed in July to raise up to $700 million
and then raised that amount to just over $1 billion in early
November. [ID:nN08117049]

Underwriters, lead by Morgan Stanley, Bank of America
Merrill Lynch and Wells Fargo will have the option to purchase
up to 10.1 million additional shares to cover excess demand,
the transportation services company said in a regulatory

Swift said it would use net proceeds of $887.9 million to
repay debt.

As of Sept. 30, Swift operated a fleet of 16,200 tractors,
48,600 trailers and 4,500 intermodal containers in the United
States and Mexico. The company posted a net loss of $77.1
million on total operating revenue of $2.15 billion in the nine
months ended Sept. 30.

Wal-Mart Stores Inc (WMT.N: ) and its subsidiaries are
Swift’s largest customer and accounted for 10.2 percent of
revenue in 2009. Other top customers include Home Depot Inc
(HD.N: ), Procter & Gamble Co (PG.N: ) and Target Corp (TGT.N: ).

Swift founder Jerry Moyes stepped down as chief executive
in 2005 after the U.S. Securities and Exchange Commission filed
an insider-trading complaint against him in federal court in
Arizona. Moyes settled for $1.5 million without admitting or
denying any claims and returned as CEO in 2007, when he took
the company private.

Swift Transportation intends to list shares on the New York
Stock Exchange under the symbol “SWFT.”
(Reporting by Sweta Singh in Bangalore and Clare Baldwin in
New York; editing by Maju Samuel and Andre Grenon)

UPDATE 2-Swift Transportation sets terms for $942 mln IPO